's Markel Gayner Asset Management Corp. has reported its fifth
miniscule share reduction to its Union First Market Bank (
) stake. Its two latest transactions were reported Dec. 10 and 11
GuruFocus Real Time Picks
, costing the investment company 0.29 percent and 0.15 percent of
its stake, respectively.
Markel first acquired Union First Market Bank in the first
quarter of 2010, starting off with 3.5 million shares, at an
average price of $13.09. The company did not touch its shares,
however, until this year, when it made its first reduction of
Union in November.
As its fifth installation to its reduction streak, Markel has
gotten rid of almost 120,000 shares of its Union stake. Today,
the stock is up almost 2 percent, trading at $15.51, close to its
With a market cap of $401.2 million, headquartered in Richmond,
Va., Union First Market Bankshares Corp. is the holding company
for Union First Market Bank, as well as non-bank affiliates such
as Union Investment Services Inc., Union Mortgage Group Inc. and
Union Insurance Group Inc. It has 94 branches, as well as more
than 150 ATMs throughout Virginia.
On Dec. 12, Union announced that its board of directors has
authorized a share repurchase program, dealing with 750,000 of
the company's common stock, whether in open market or
privately-negotiated transactions. The press release announcing
the news states that the program permits management to repurchase
the shares "from time to time at management's discretion."
The repurchase program will last through Dec. 31.
With its earnings per share on a declining path, claiming an
annual growth rate of -9.71 percent, Union remains with a
dividend yield of 3.1 percent, according to
. Its EBITDA growth is 27.6 percent for the last 12 months. Its
annual revenue growth rate is 13.61 percent.
Gayner is the only Guru who currently has a holding of Union
sold out his stake in the third quarter.
Read more about Markel's previous Union stake reductions in the
article, Tom Gayner Continues Tiny Reductions of Union First
Additional related articles can be found in GuruFocus archives.
View the remainder of Tom Gayner's latest portfolio changes here,
as well his undervalued stocks, top growth companies and high
About GuruFocus Real Time Picks
GuruFocus Real Time Picks alerts you of the stock purchases and
sales that Gurus have made within the last two days. Follow your
favorite Gurus closely with GuruFocus' Premium Membership! If you
are not a Premium Member, we invite you for a 7-Day Free
Trial.About GuruFocus: GuruFocus.com tracks the stocks picks and
portfolio holdings of the world's best investors. This value
investing site offers stock screeners and valuation tools. And
publishes daily articles tracking the latest moves of the world's
best investors. GuruFocus also provides promising stock ideas in
3 monthly newsletters sent to